Riyadh – Mubasher: Fintech companies in Saudi Arabia witnessed investments worth more than SAR 1.3 billion ($347 million) during 2020, according to a report by Fintech Saudi.

The number of fintech firms in the Kingdom has increased by 37% last year.

Venture capital (VC) investments have reached 16 transactions in the Saudi fintech industry during the January-August 2021 period at a value of $157.2 million.

The VC deals in the eight-month period this year were higher compared to seven transactions worth $7.8 million in 2020. Meanwhile in 2019, the Saudi fintech industry registered six VC investments at a total value of $18 million.